Magic Minnows Issued 400 Shares of $50 Par Preferred Stock

Essay

Magic Minnows issued 400 shares of $50 par preferred stock and 800 shares of $1 par common stock in a "package" sale for $150, 000.The preferred stock market value was $88 per share, and the common stock market value was $156 per share.
Required:
Fill in the lines below to indicate the accounts and amounts credited in the entry to record the issuance of the stock.